Africa’s pioneer regulated blockchain network for payments, Zone, has introduced its cutting-edge “ZonePOS” point-of-sale payment gateway solution on June 5, marking a significant milestone for the region, as per a statement from the company.
Zone’s blockchain-driven payment infrastructure facilitates direct transaction routing to issuers while adhering to regulatory standards on interbank payments. This makes it one of the few, if not the sole, decentralized gateway for currency-agnostic payments in the African market.
CEO of Zone, Obi Emetarom, expressed in a press release, stating, “Our PoS Payment Gateway Product underscores our dedication to financial inclusivity and the digital evolution of payments in Africa. We are thrilled to have taken a major stride towards our vision of enabling individuals and businesses to conduct instant payments globally, using any payment method and currency.”
The features of the product include enhanced transaction speeds, with Zone assuring same-day settlements with ZonePOS, along with blockchain-based charge-back protection. The PoS payment gateway by Zone assures to “eliminate chargebacks and chargeback fraud on PoS terminals by automatically refunding customers for failed transactions and rejecting fraudulent chargebacks instantly.”
The launch of the new product comes at a time when Nigeria is experiencing a shifting regulatory landscape, which is one of the regions where ZonePOS is being rolled out. Younger citizens have shown confusion over the government’s resistance towards the cryptocurrency and blockchain sectors, despite President Tinubu’s earlier commitment to legalize and promote cryptocurrency technology during his campaign for presidency. However, since assuming office in February 2023, the government’s actions against crypto have left supporters questioning Tinubu’s stance on the industry.